Highly-rated companies — firms considered resistant to the recession or those that rarely issue debt – continue to sell bonds in record during Q1′FY09. The supply of such bonds these first three months of the year is the highest for any quarter since records began in 1995, according to data provider Dealogic. The tally for U.S.-dollar denominated high-grade bonds stands at $310 billion. Of that amount, $85.6 billion of bonds were backed by the FDIC’s guarantee program for banks and finance companies. One of largest deals Monday was likely from Time Warner (TWC), which was raising the funds to repay the borrowings under its $1.932 billion loan facility. The deal may be around $1 billion in notes maturing in five and 10 years.
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